The Insurance Regulatory and Development Authority of India (IRDAI) has identified Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC) and New India Assurance as domestic systemically important insurers (D-SIIs). IRDAI has also subsequently decided to subject the three insurers to enhanced regulatory supervision.
The Insurance Regulator and Development Authority of India (IRDAI) announced that the three insurers have also been asked to raise the level of corporate governance, identify all relevant risks and promote a sound risk management culture. D-SIIs refer to insurers of such size, market importance and domestic and global inter-connectedness whose distress or failure would cause a significant dislocation in the domestic financial system. D-SIIs are perceived as insurers that are ‘too big or too important to fail’ (TBTF).
Important takeaways for all competitive exams:
The Uttarakhand Tourism Development Board has teamed up with Starscapes, an astro-tourism company, to introduce…
In a gesture of solidarity and recognition, Palestinian journalists covering the crisis in Gaza have…
Retired Justice Sanjaya Kumar Mishra has been appointed as the President of the Goods &…
Atanu Chakraborty's re-appointment as part-time Chairman of HDFC Bank for three years, effective from May…
American Express is set to inaugurate its expansive new campus in Gurugram, spanning nearly one…
In the latest edition of the World Press Freedom Index published annually by Reporters Without…